Thunder Bay - Wolfden Resources Corporation (WLF.V) ('Wolfden' or the 'Company') is pleased to announce a seven hole, 2,500 metre expansion drill program is underway on its wholly owned Rice Island Nickel-Copper-Cobalt and PGE Project in northern Manitoba.

The Deposit consists of a steeply plunging, U-shaped, nickel sulphide-enriched keel and intersecting feeder zone with an underground mineral resource estimate containing 4.3 Mt at 1.1% NiEq Indicated and 3.4 Mt at 0.9% NiEq Inferred mineral resources.

The 2022 Drill Program will test: the potential expansion of the mineral resources at depth that has been indicated by down hole geophysical survey data/geological models, and several new targets where geological and geophysical data indicated the potential for additional nickel sulphide mineralization.

'We are excited to test these drill targets that offer excellent potential to further expand the already significant mineral resource of the Rice Island Project,' commented Don Dudek, VP Exploration for Wolfden. 'The program, which is designed to take a meaningful step-out from the known deposit, is expected to last approximately six weeks with results released after the drill program is completed.'

About the Rice Island Deposit

The Rice Island Ni-Cu-Co-PGE sulphide deposit is comprised of a 'keel' of higher-grade mineralization where previous drilling returned intercepts of up to 14.7 metres grading 3.63% nickel, 1.13% copper, 0.12% cobalt (March 22, 2016, true width approx. 5 m) and a 'feeder-dyke-type' zone that returned intercepts of up to 21.1 metres of 2.4% nickel, 1.3% copper and 0.16 g/t PGE2 (April 12, 2016, true width approx. 10.6 m). The Keel Zone has been traced for 600 metres down-plunge and remains open down-plunge while the Feeder Zone is open along strike and at depth.

About Wolfden

Wolfden is an exploration and development company focused on high-margin metallic mineral deposits including base, precious and strategic metals. Its wholly owned Pickett Mountain Project is one of the highest-grade polymetallic projects in North America (Zn, Pb, Cu, Ag, Au) and its two nickel sulphide deposits in Manitoba represent significant development projects with the potential to support the growing battery and EV markets.

Contact:

Ron Little

Tel: (807) 624-1136

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking information (within the meaning of applicable Canadian securities legislation) that involves various risks and uncertainties regarding future events. Such forward-looking information includes statements based on current expectations involving a number of risks and uncertainties and such forward-looking statements are not guarantees of future performance of the Company, and include, without limitation, metal price assumptions, cash flow forecasts, and the timing and completion of drill programs in Manitoba and the respective drill results. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information in this news release, including without limitation, the following risks and uncertainties: (i) risks inherent in the mining industry; (ii) regulatory and environmental risks; (iii) results of exploration activities and development of mineral properties; (iv) risks relating to the estimation and potential expansion of Mineral Resources; (v) stock market volatility and capital market fluctuations and (vi) general market and industry conditions. Actual results and future events could differ materially from those anticipated in such information. This forward-looking information is based on estimates and opinions of management on the date hereof and is expressly qualified by this notice. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada at www.sedar.com. The Company assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by applicable law.

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